2013 Mississippi Code
Title 81 - BANKS AND FINANCIAL INSTITUTIONS
Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT
Article 5 - DIRECT OFFICES OF FOREIGN BANKS
§ 81-25-147 - Power and authority of commissioner

(1) The commissioner shall have all of the powers granted to him or her by the laws of the State of Mississippi to the extent appropriate to enable him or her to supervise each Mississippi state branch, Mississippi state agency, or Mississippi representative office.

(2) If, after notice and a hearing, the commissioner finds that any person has violated any provision of this chapter or of any regulation or order issued under this chapter, he or she may, in addition to any other remedy or action available to the commissioner under the laws of the State of Mississippi, order such person to pay to the commissioner a civil penalty in such a manner and in such an amount as the commissioner shall determine in accordance with the laws of the State of Mississippi and regulations thereunder.

(3) In order to carry out the purposes under this chapter, the commissioner may:

(a) Enter into cooperative, coordinating or information-sharing agreements with any other bank supervisory agency or any organization affiliated or representing one or more bank supervisory agencies;

(b) With respect to periodic examination or other supervision of a foreign bank that maintains a Mississippi state branch, Mississippi state agency or Mississippi representative office, accept reports of examinations performed by, and reports submitted to, other bank supervisory agencies in lieu of conducting examinations, or of receiving reports, as might otherwise be required under this article;

(c) Enter into joint examinations or joint enforcement actions with any other bank supervisory agency having concurrent jurisdiction over any foreign bank, however, the commissioner may at any time take any such actions independently if the commissioner determines that such actions are necessary or appropriate to carry out his or her responsibilities under this chapter and to ensure compliance with the laws of the State of Mississippi;

(d) Enter into contracts with any bank supervisory agency having concurrent regulatory or supervisory jurisdiction over a foreign bank maintaining a Mississippi state branch, Mississippi state agency or Mississippi representative office, to engage the services of such agency's examiners at a reasonable rate of compensation or provide the services of the commissioner's examiners at a reasonable rate of compensation, provided that such contracts shall be in accordance with the policies and administrative procedures of the Mississippi State Personnel Board; and

(e) Assess supervisory and examination fees that shall be payable by foreign banks maintaining a Mississippi state branch, Mississippi state agency or Mississippi representative office in connection with the commissioner's performance of his or her duties under this chapter and in accordance with regulations adopted by the commissioner.

(4) Supervisory or examination fees assessed by the commissioner in accordance with the provisions of this chapter may be shared with other bank supervisory agencies or any organizations affiliated with or representing one or more bank supervisory agencies in accordance with agreements between the commissioner and such agencies or organizations.